Indian Renewable Energy and Development Agency (IREDA) has been awarded the Mini Ratna (Category-I) status by the Ministry of New and Renewable Energy (MNRE). The status was bestowed to the organisation with a view to provide greater financial autonomy and delegation of powers in its operations in line with guidelines of Department of Public Enterprise (DPE).
IREDA is a pioneering financial institution dedicated for financing of renewable energy and energy efficiency projects in the country. Since its inception in 1987, IREDA has been the mainstay in financing clean energy projects which have positive impact on environment, thereby working towards the sustainable development of the nation. The unstinted and pro-active efforts being made by the organisation have enabled the commercialisation of renewable energy sector in India.
The organisation was created as non-banking financial institution in Schedule C and was upgraded as Schedule B in the year 2010 and now a ‘Mini Ratna’ PSU. IREDA has been a profit making company since its inception and has made noteworthy progress during 2014-15 and earned profit after tax of `295 crore, registering a growth of over 22 per cent compared to the financial year 2013-14, with cumulative loan sanctions of `30,818 crores. The company is planning to raise tax free green bonds to provide low-cost funds for renewable energy projects.